Why Chinese Mn ore prices stalled in May

摘要

Seaborne and portside manganese ore prices for low- and high-grade material in China declined in May despite previous expectations that prices would rise due to tightening supplies from South Africa and falling port inventories. Strict Covid-19 restrictions in South Africa were expected to have a significant impact on deliveries, resulting in fewer deliveries to Chinese ports and putting upward pressure on manganese ore prices. But Fastmarkets’ manganese ore index, 37% Mn, cif Tianjin fell to $5.93 per dry metric tonne unit (dmtu) on May 29. That is down by 68 cents (10.3%) from $6.61 per dmtu on May 1, when it had increased by $2.65 per dmtu (66.9%) from $3.96 per dmtu on March 20 - just before the nationwide lockdown in South Africa began on March 26.